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In 1970, when 11% of adult Americans had bachelor's degrees or more, degree holders were viewed as the nation's best and brightest. Today, with over 30% with degrees, as the WSJ notes, a significant portion of college graduates are similar to the average American - not demonstrably smarter or more disciplined. Furthermore, declining academic standards and grade inflation add to employers' perceptions that college degrees say little about job readiness.

Submitted by Charles Hugh-Smith of OfTwoMinds blog, "More education" of the current sort is not a panacea to wealth inequality, as the widening gaps in education, employment and income are all reflections of a much larger set of forces at work. The solution is The Nearly Free University.

The USA Today reports graduating class of 2012 is in for a rude awakening as Half of new graduates are jobless or underemployed.
A weak labor market already has left half of young college graduates either jobless or underemployed in positions that don't fully use their skills and knowledge.

At a time when college costs more than ever and we're facing a $1 trillion student debt bubble, it's no surprise the whole "Is College Even Worth It?" debate is still going strong. Take it from us –– you won't get far without a college degree and those who have managed to do so are the exceptions, not the rule.

As more college graduates default on their student loans, some schools are taking drastic measures to ensure repayment. According to a recent Bloomberg report, Yale, the University of Pennsylvania and George Washington University have taken defaulters to court in recent years to try to force them to pay up. The schools are targeting recipients of Perkins loans, which are subsidized loans usually awarded to lower-income students with exceptional financial need.

As more college graduates default on their student loans, some schools are taking drastic measures to ensure repayment. According to a recent Bloomberg report, Yale, the University of Pennsylvania and George Washington University have taken defaulters to court in recent years to try to force them to pay up. The schools are targeting recipients of Perkins loans, which are subsidized loans usually awarded to lower-income students with exceptional financial need.

I agree with Annie Lowrey’s take that comparisons between higher education and the subprime mortgage bubble obscure more than they reveal. But I’m also not as sanguine that the existence of a wage premium shows that high-end institutions are delivering value: